Simple Trade Setup | IRCTC | Last week August-2021

IRCTC

Observations:
1) On daily time frame it has been trading in the parallel channel.

2) If you see earlier bottom trendline of channel was working as a resistance.

3) Then middle trendline of the channel was working as resistance.

4) Then bottom trendline of channel was working as support and then it gave good breakout of the middle trendline and now middle trendline is working as support and upper trendline is working as resistance.

Please refer Chart below: daily time frame.

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Trade Setup for Last Week August -2021

1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.

2) Everything is mentioned on the chart. I hope it is easy to understand.

Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Trade closed: target reached:

Target reached on the sell side today.